Trust Essentials: July 2024

2024 is the year of elections and this week will see UK voters go to the polls.

The next gen have the opportunity to make their voice heard in the election, but they are already shaping the wealth sector – their views and wishes are impacting trends and practices within private wealth, including how to use their wealth to do good.

Environmental, social, and governance considerations are not "next gen" issues per se, but the next gen is charged with navigating them. They are carrying the baton at a time of considerable and accelerated wider change. But how does this impact the role of the trustee? Partner Josephine Howe answers this question in our lead article.

Also in this edition, we share fantastic news for our multi-jurisdictional team and delve into more insights, including a Cayman law analysis on "no contest clauses" and "flee clauses" and the role of shortcomings of these clauses when used in modern trust instruments.

If you'd like to discuss any of the topics covered, reach out to your Ogier contact or any member of our team.

Meet Ogier's Trusts Advisory Group.

Conversations with the next gen: the big picture in private wealth – balancing trustee duties in an ESG-driven environment

In our lead article, partner Josephine Howe explores the role of the trustee and the challenges they face, navigating a complex landscape while balancing families' ESG ambitions and their duties as trustees to beneficiaries. Read our lead article ... 

Trusts and estates expert Deborah Barker Roye promoted to partner

Cayman-based, Deborah is a talented expert within Ogier's Dispute Resolution team and Trust Advisory Group, recognised by peers and leading directories. Spanning both contentious and non-contentious sides of the practice, Deborah specialises in finding resolutions for complex issues. Read more ...

No contest clauses: a Cayman perspective

It is common for those establishing trusts to take steps to ensure their hard work is not undone by beneficiaries litigating future grievances. One of the tools in a trust advisor's arsenal is a provision which can disincentivise challenge and mitigate litigation risk arising from estate planning. That provision is known as a no contest clause. Read more ...

Is it time for the flee clause to come in from the cold?

When establishing a trust structure, private wealth experts will explain the risk profile of each option available as well as the relevant advantages and drawbacks. However, there remain circumstances in which a presently advantageous mode of wealth structuring can be put in place with automatic safeguards to change its home jurisdiction if certain "trigger events" (normally defined to include geopolitical unrest and / or natural disasters) occur which make that jurisdiction less advantageous. Enter the "flee clause". Read more ...

eprivateclient recognises three Ogier rising stars in 2024 Crown Dependencies NextGen Leaders list

Chris Hards, Diana Rodriguez and George Yates have been recognised as rising stars of the private client profession in the 2024 eprivateclient Crown Dependencies NextGen Leaders list. The annual list recognises, introduces and promotes outstanding professionals and talent based in the Crown Dependencies. Read more ...

Executor removal in Jersey: insights from Lakeman case

An executor (or administrator) is key to the probate process. They are responsible for administering the estate of the deceased and distributing to beneficiaries. It is thankfully rare for there to be contentious disputes between the executor and beneficiaries. However, the Royal Court has recently explored the removal of an executor in the decision of Lakeman v Lakeman [2023] JRC 187. Read more ...

Ogier succeeds in obtaining a decision that trust funds were not the proceeds of crime

Ogier in Guernsey successfully assisted Dr Richard Tucker Loero in securing an order from the Royal Court declaring that Dr Tucker Loero's funds held in a trust in Guernsey were not the proceeds of crime, for the purposes of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. The Ogier team was led by partner Bryan de Verneuil-Smith, assisted by senior associate Nick Taitz, associate Chloe Gill and trainee English solicitor Natália Jopling Tanser. Read more ...

Simon Goldring has joined Ogier as Private Client Director – Middle East based in Dubai

Based out of Dubai, Simon is well known as a senior statesman across the region. Working with clients across the Middle East, Simon will be an ambassador for Ogier's global jurisdictions – BVI, Cayman, Guernsey, Ireland, Jersey, Luxembourg. Read more ...

Variations to trusts: what does the Court need to know before it will give its approval?

This case considers the circumstances in which the Royal Court of Jersey will approve the variation of the terms of a Jersey trust pursuant to of Article 47 of the Trusts (Jersey) Law 1984, where that variation forms part of a planned wider restructuring of the trust in question. Read more ...

What 2024 UK Spring Budget proposals mean for non-UK domiciled residents

In the Conservative Spring Budget on 6 March 2024, fundamental proposals were announced which, if enacted, would have dramatic effects to the manner in which non-UK domiciled and resident individuals will be taxed from 6 April 2025. Read more ...

eprivateclient recognises James Campbell in 50 Most Influential list for sixth consecutive year

Partner James Campbell has once again been named in the eprivateclient 50 Most Influential list for 2024, marking his sixth consecutive inclusion. This prestigious list serves as a definitive guide, highlighting leaders in the UK and offshore private client practitioner sector. Read more ...

Private wealth management – have you considered the SPF?

The family wealth management company (société de gestion de patrimoine familial – SPF) is a special investment vehicle dedicated to individuals and their relatives (and any intermediate entity) for managing their private financial assets. From a Luxembourg tax perspective, the SPF benefits from a broad tax exemption regime combined with low legal and regulatory requirements which offers lots of flexibility. Read more ...

Establishing a family office in Jersey

In our experience, every single family office is different and reflects the needs and interests of the family that it serves. In each case the matters for which a family office will be responsible and the mechanism for governance of a family office should be considered carefully at the outset. Read more ...

Matt Guthrie named Channel Islands Lawyer of the Year at Citywealth IFC Awards 2024

Ogier's global head of Private Wealth, Matt Guthrie, has been named Channel Islands Lawyer of the Year by Citywealth. He said: "I'm backed by an incredibly strong global team at Ogier. It is as much our Private Wealth team's award as it is mine and I am very privileged to work with all of them." Read more ...

Disclosure, decisions and non-binding guidance in Guernsey and Jersey trust law – a fireside chat with Ogier

Mathew Newman, Sandie Lyne and Fay Warrilow from Ogier's Trust Advisory Group chatted about recent Guernsey and Jersey trust law cases with an audience of local practitioners last week. Topics ranged from disclosure requests to momentous decisions, as partners Mathew and Sandie and senior associate Fay discussed the limits of the court's supervisory jurisdiction and how that might differ between the Jersey and Guernsey courts. Read more ...